Plans for development of a 200,000 square foot life sciences in Philadelphia, the largest city in the Commonwealth of Pennsylvania in the United States, are gathering momentum. This is after Breakthrough Properties, the joint venture between Tishman Speyer and Bellco Capital, formed a joint venture to buy intend s to develop the project after purchasing the 2300 Market Street city block in Philadelphia’s Center City neighbourhood.
Located between the Rittenhouse Square and University City neighbourhoods of Philadelphia, the property is close to the University of Pennsylvania and Drexel University, as well as a number of academic medical centres,and the 30th Street Transit Station, which is served by SEPTA, Amtrak, trolley and commuter train lines.
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The laboratory, research and development areas of the life sciences in Philadelphia are expected to be completed by 2024, according to the development team. KieranTimberlake, a Philadelphia-based architectural company, has been hired as the project architect, while Cushman & Wakefield has been hired as the exclusive leasing agent.
New Life Sciences project in Philadelphia to strengthe the citys life sciences hub status
Philadelphia has evolved as one of the country’s major life sciences hubs. Greater Philadelphia is first in the nation for National Institutes of Health (NIH) Grant Funding for cell and gene therapy, with approximately $3.8 billion in venture capital and NIH funding in 2021 alone. According to Breakthrough, the city is home to around 730,000 professionals with degrees in engineering and science.
“Philadelphia has swiftly established itself as a leader in the cell, gene, and mRNA treatment field, driving up demand for high-quality lab space. Breakthrough’s senior vice president of acquisitions, Aaron Kazam, adds, “We are pleased by this chance to provide one of the country’s best research and development facilities.” D2 Capital Advisors, located in Philadelphia, advised Breakthrough on site selection and is the project’s financial advisor. The costs of acquiring and developing the land were not disclosed.
